Overnight, Bitcoin has regained 90,000 dollars, but in the last two days, it has started to fluctuate in a small range. Crypto market sentiment has entered a state of extreme greed! The fear and greed index soared to 90 this week, officially reaching an extreme greed state. In the past 24 hours, the total liquidation amount in the cryptocurrency market reached 336 million dollars, with long positions liquidating 203 million dollars and short positions liquidating 133 million dollars, affecting over 110,000 people.
Bitcoin consolidation period, bullish or bearish?
Reviewing yesterday: BTC's lowest point was 89,422, highest point was 92,700, with a fluctuation of 3,278, and an amplitude of 3.7%.
Today's market: BTC is currently at 91,150, after reaching the predicted 88,500 yesterday, it began to rebound quickly. Observing the recent week's candlestick chart, the trend is still considered strong; in the next two days it will reach the end of a triangle convergence, at which point there will be significant volatility. Looking at the 1-hour level is fluctuating, the 4-hour level is weak, the 12-hour level is consolidating, and the daily level is rising, with an intraday resistance level of 9,350 and a support level of 88,700 dollars.
Everyone should understand that Bitcoin's trend is strong, and after the triangle convergence is completed, the probability of rising is high. The rise of Bitcoin is driven by people's faith rather than demand from any ecosystem!
Bitcoin has been consolidating around 90,000, will this have a major impact on the crypto world?
From October 17th, Bitcoin was around 67,000, and by November 17th, the price reached approximately 91,000, marking a 35% increase in one month. The data can be viewed in the chart below!
0-0.01 Bitcoin addresses increased by 112,716, with a total of 352 Bitcoin sold.
0.01-0.1 Bitcoin addresses decreased by 52,247, with 2,066 Bitcoin sold.
0.1-1 Bitcoin addresses decreased by 36,103, with 10,875 Bitcoin sold.
1-10 Bitcoin addresses decreased by 8,915, with 22,410 Bitcoin sold.
10-100 Bitcoin addresses decreased by 1,185, with 29,183 Bitcoin sold.
Addresses holding 100-1,000,000 Bitcoin increased by 162, with an addition of 78,491 Bitcoin.
The data summary is as follows; retail investors are reducing their holdings or clearing out Bitcoin, while large holders continue to increase their positions! This is what I've been saying, institutions are gathering chips and holding pricing power! They have the voice, ultimately they are the bosses! We are small fries!
When BTC was at 40,000, ETH was at 3,000; when BTC was at 60,000, ETH was still at 3,000; now BTC is at 90,000, and ETH is still at 3,000.
Can ETH rise, is there still a season for altcoins?
ETH: Yesterday's lowest point was 3,051, highest point was 3,288, with a fluctuation of 176 and an amplitude of 5.8%.
ETH is currently at 3,155, last night it exactly reached the 3,050 support I mentioned, starting to rebound. However, ETH's candlestick trend is not very good, largely due to the rise of SOL and SUI chains, which have diluted the liquidity originally in the ETH ecosystem by more than half. Moreover, under the ugly face of VC projects, ETH's demand has far decreased compared to the first half of this year!
ETH is currently at this year's low, if you want to enter the market, as long as it does not drop below 3,000, you can be bullish! (Monitor in real time)
The market's divergence has reached its most intense point.
Bullish like me have been insisting on the arrival of the altcoin season, observing the charts, the good performers these days are mostly new faces, predominantly old coins, which is a positive signal for bulls. Meanwhile, bears not only believe that Ethereum will not rise, but today have already called the end of the bull market.
Such divergences are a scene we can see in every cycle. Objectively speaking, the larger the divergence, the better. The market rises in ___ and falls in ___!
Many market makers have been silent for half a year, feasting during the New Year, yesterday it was XTZ/HBAR's turn, who will it be today? Ultimately, it will be a fair share for all!
Finally, let's review the explosive track of Memes.
1. Elon Musk's IP: You just need to wait for him to repeatedly 'pump' it, such as PNUT, and there may be Banana next; yesterday's article explained it clearly (Bitcoin is consolidating! Musk calls for orders, Banana surges! PNUT skyrockets nearly 5 times! Who will be the next Dogecoin?)
2. Old coins' Memes, such as bitcat and lester, have replaced old coins and participated in a new cycle.
3. The emerging field of 'AI + MEME' is the new favorite of Memes.
4. There are also alternative and novel narrative methods (leading)！
5. Finally, community-driven Memes, such as KOMA and ARMY, need to: catch the hotspots and enhance the perception of narratives.
